Is this empty lot, in Beverly Hills, worth $1 billion?
February 04, 2019 - Beverly Hills
A 157-acre plot of land overlooking Beverly Hills is officially coming to sale with a record-setting asking price of $1 billion.
It sets the record for Los Angeles' most expensive listing ever, the Los Angeles Times reports, and no one in the world is publicly known to have paid that much for personal property, according to The New York Times.
Located on the highest peak in Beverly Hills, The Mountain, as its been christened, offers a developer’s dream of lots of flat land with 360-degree ocean-to-skyscraper views.
The plot comprises 17 parcels of land, with six zoned for homes. The lots are ready to build on with water, sewer and utility lines. It also includes a backup generator that can power 300,000 square feet during a power outage.
The land comes with permission to build 1.5 million square feet of living space, which Bloomberg calculated would cost an additional $4 billion.
The property has an intriguing history, having passed through many famous and wealthy hands. According to the Los Angeles Times, it was once owned by an Iranian princess, the talk-show host and TV producer Merv Griffin, and a nutrition mogul, all of whom held the land but never built anything on it.
"This is the only opportunity to own your own mountain that looks down at all of Los Angeles," Aaron Kirman, the broker representing the property, told CBNC. He described the likely buyer as "an individual who wants to build his or her own compound.
Kirman told The New York Times there could be 50 to 100 people -- all billionaires -- in the market for such a property. He had reached out to five, the Times reported.
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